Business Report: Top stories

Rand slumps to new 6-month low

JOHANNESBURG - The rand slumped to a new six-month low yesterday as emerging market currencies suffered a broad sell-off linked to rising US Treasury yields. At 5pm, the rand was bid at R13.85 to the dollar, 11.01c softer than at the same time on Friday, after earlier yesterday falling to R13.8650 against the greenback. The rand last traded at these levels on April11.

Dlamini Zuma deployed to small business body

Cape Town - Former AU Commission chairperson Nkosazana Dlamini Zuma is not making her way to the cabinet as yet to take up a ministerial position. Instead, Dlamini Zuma will warm up the parliamentary benches as an ordinary MP and has been deployed to the small business development portfolio committee, for time being.

WATCH: EmptyTrips, to represent South Africa at the 2018 Startup World Cup in California

South African tech startup EmptyTrips is heading to San Francisco, California for the 2018 Startup World Cup and the chance to win $1 million to grow their business. This comes after winning the Chivas Venture Pitching Den at the 2017 SA Innovation Summit. EmptyTrips uses smart algorithms to match spare capacity on transport vehicles with those who need goods transported at lower cost.

Fedusa secretary believes Gigaba will plunder PIC

CAPE TOWN - Dennis George, general secretary of the Federation of Unions of South Africa (Fedusa) has launched an attack against Finance Minister Malusi Gigaba’s attempts to remove the CEO of the Public Investment Corporation (PIC), Dr Daniel Matjila. “The truth of course now is to gain control of the institution in order to plunder the pension savings of millions of public servants”, George said to Fin24 late last night.

KPMG announces new team to help rebuild trust

JOHANNESBURG - Nhlamu Dlomu, KPMG South Africa’s CEO has announced the new executive team that will support her in restoring public trust and rebuilding the firm. Dlomu said in a KPMG statement, “I am pleased to announce a strong and experienced team of KPMG partners to lead the firm. This is day one for the new KPMG, a KPMG where public interest will share an equally important role with enhanced governance, quality and ethics.